The 85,000-member Altura Credit Union in Riverside, Calif., saidthis week that it has recorded its ninth-straight quarter of netgain.
|Altura said net income for the quarter ending June 30 was $3.47million on total assets of $704.6 million. Net income for the firsthalf of 2013 was $8.45 million, compared to $11.07 million for thesame period in 2012.
|Net worth also strengthened in the second quarter, the creditunion said, coming in at 10.82%, up from 10.13% in the firstquarter and 8.69% in the year-ago period.
|The economy in Altura's home area – California's Inland Empire about 60 miles east of Los Angeles –also is slowly improving with unemployment still remaining abovenational and state rates.
|“We had a great second quarter this year, the second best totalin our history,” said CEO Mark Hawkins. “Things are on a slow, yet improving,trajectory.”
|He said loan loss provisions are at $15.7 million, down from$15.7 million in June 2012, as delinquent loans decline and thatmonth-over-month outstanding loans have increased for the firsttime in nearly five years, driven primarily by auto loans.
|“The market is healing. In fact from a credit qualityperspective, you could even say it has healed,” Hawkins said in thecredit union's announcement on Thursday.
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